Economics Final

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A production possibilities curve shows

The maximum amount of two goods that can be produced

Which of the following is a monetary policy intended to reduce inflation

decrease the money supply

All of the following statements describe a market economy EXCEPT

government

Which of the following would result in a decrease in aggregate demand

higher income tax rates

Assume the marginal propensity to consume is 0.8. If the government spending increases by $20 billion, then real GDP will

increase by $100 billion

The intersection of the aggregate demand and the aggregate supply curve defines the equilibrium level of ____ and the price level

real GDP

Which of the following constitute the types of unemployment occurring at the natural rate of unemployment

structural an frictional

The Phillips curve suggests a trade-off between

the level of unemployment and inflation

The purchase of government securities from the public by the FED will cause

the money supply to increase

If a bank's reserves are $8,000, it's demand deposits are $70,000, and the required reserve ratio is 10 percent, then excess reserves are

$1,000

Calculate the unemployment rate

6.9

equilibrium in the long run occurs when

AD intersects the short-run and the long-run AS curves at the same point

PPC in two nations

Germany, production of cars.

A recurring in economic is that people

Have unlimited economic wants but limited resources. (people want things but don't always have the resources)

Which of the following can be inferred from the information provided in the cable above?

India will be better off

If Japan has a comparative advantage over canada in the production of computers, which of the following must be true

Japan has a lower opportunity cost

in the short-run, an increase in the average price level in the economy will cause

profits

The opportunity cost of constructing a new public highway is the

Value of other goods and services

fiscal policy refers to

promote economic growth

Nominal GDP is adjusted for changes in the price level using

a price index

Which of the following would NOT shift the aggregate supply curve

an increase in the price level

A nation's real GDP will increase by increasing the following except

average price level

In a fractional reserve banking system

banks can create money

The circular flow model of the market system, households' major role is

buy products (people buy things) sell resources (to make product)

A negative supply shock

can cause stagflation

The most important function the Federal Reserve System is to

control

The built-in stabilizers in the economy tend to

dampen the irregular swings

In which phase of the business cycle will the economy most likely experience rising real output and falling unemployment rates

expansion

Which of the following is NOT a factor of production

money (CELL)

crowding out is a decrease in private investment caused by

increased borrowing

An increase in the money supply will

lower interest rates and increase

In the accompanying diagram, the phases of the business cycle from points A to D are

peak, recession

Which of the following best measures improvements in the standard of living of a nation

per capita

the effect of expansionary fiscal policy is shown as a

rightward shift

Which of he following items are included in money supply M2 but not M1

savings deposits

Macroeconomics approaches the study of economics from the viewpoint of

the entire economy

the expenditure approach to calculating GDP measures it by summing up

the total spending for consumption, investment

GDP tend to underestimate the productive activity in the economy because it excludes the value of output from

the underground economy

Core inflation measures

underlying increases

The economy enters the long run once

wage contracts to expire


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